Public pension fund trustees have been establishing comprehensive policy statements on proxy voting, systems to account for the massive number of proxy ballots received each year, and procedures for monitoring the casting of thousands of votes to which their pension funds are entitled.

Daly explained that as the initial step in an overall strategy to increase individual shareholder voting, he is calling on chief executives of American businesses to "join with us in launching a nationwide effort to encourage their employees numbering in the tens of millions to exercise a fundamental shareholder right and need to vote their proxy ballots, whether it be proxies relating to their employer or proxies relating to other companies in which they invest," he said.

The proxy access rule will allow groups that own at least 3 percent - for at least three years - of a company's stock to put their nominees for a director on the corporate proxy ballot sent to all the company's shareholders - a significantly less expensive way of gaining corporate control for activists than mailing large quantities of their own proxy ballots.

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